Over Rs 48,000 crores debt over Air India, the company struggling with heavy debt burden

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Among the efforts of the government to improve the status of Air India, Civil Aviation Minister Suresh Prabhu said that Air India is struggling with the burden of ‘heavy debt’. There is also a need to deal with her legacy problems. Air India, which is in losses, is estimated to have a loan of over Rs 48,000 crore. In May, the government had tried its strategic disinvestment which failed. In an interview, Lord said to PTI- “Air India is a legacy problem. Air India’s debt is unbearable, no one can deal with its debt except Air India. It is not possible for any airline to serve with such a debt. ”

He said that there is a need to think about ways to deal with its heritage problems. Air India is constantly facing deficit after the merger of Indian Airlines in 2007. According to the audited data, the total loss in Air India on Air India in the financial year 2016- 17 was Rs 47,145.62 crore.

Meanwhile, Union Civil Aviation Minister Suresh Prabhu on Tuesday clarified that private airlines will have to deal with their own challenges, in the midst of reports of the financial crisis of Jet Airways, the government’s role can only be of policy level. This statement of a minister has come at a time when the airline industry is going through a crisis. Crude oil has been struggling with high prices and tough competition, which is also decreasing its profits.

Asked about the current status of Jet Airways, Lord said, “We do not know about their condition.” The full-service aviation company that has been flying flights for the past 25 years is currently struggling with the financial crisis. Earlier this month, the company had postponed the announcement of June quarter results. In recent weeks, Jet Airways’ share price has also declined.

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